Breakingviews

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The Indian opposition leader’s party has vowed to ban foreign retailers. With that exception, its manifesto strikes the right notes on the economy. If Narendra Modi does become prime minister, shareholders will expect a major improvement in the country’s investment climate.

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Letting foreigners own more of local industries like telecoms won’t kick off a rush to invest. But it suggests a desire to court longer-term inflows, and replace an unhealthy reliance on hot money. The new policies may help stem the rupee’s slide too.

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Foreign businesses used to be desperate to get into the People’s Republic. Google’s departure in 2010 was a shock. Now, as easy growth vanishes, leaving China is becoming less unusual. While some have kept a foot in the door, others are making a show of slamming it.

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